FINANCIAL MARKET DEVELOPMENT AND FINANCIAL STABILITY
Keywords:
financial market development, financial stability risks, capital markets, fintech.Abstract
This paper analyses the financial stability implication of financial market development in emerging markets. On the one hand, financial market development has enhanced resilience and improved domestic financial stability by providing new tools to raise funds and manage risks. On the other hand, high foreign participation in local currency government bond markets, growing private sector foreign currency debt levels and the growing role of non-bank financial institutions have increased external vulnerabilities.
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